Luxembourg banking insights 2024

How does your bank perform compared to others in Luxembourg's banking sector?

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Introduction

2023 marked yet another impressive year for Luxembourg's banking sector. Record numbers across the industry shaped the overall performance of Luxembourg banks, yet this did not come without its challenges. Geopolitical uncertainty, inflation, greater ESG compliance, and other challenges are demanding financial institutions to adapt and evolve for a more sustainable banking industry.

So how did your bank compare against others? With statistical analyses and data from over 70 of Luxembourg’s banking institutions, we invite you to delve into our data, discover financial trends, and learn about your bank’s positioning against others in Luxembourg’s financial ecosystem.

Key highlights

Listen to our experts discuss the key highlights and challenges of the Luxembourg banking industry in 2023.

1. Net interest income

Net interest income increased significantly – over 50% - in 2023 compared to 2022. This substantial increase occurred mainly due to interest rate hikes through decisions made by the European Central Bank. Along with liquidity replacements, bank profits increased greatly to EUR 8.9 billion (+85% compared to 2019, +43% compared to 2022).

2. Decreasing bank numbers

There was a slight trend of decreasing bank numbers due to consolidation, including mergers, transformation into branches, or full business closures. Recent trends in retail market activities suggest a potential downward pressure on the industry.

3. Talent attraction

The main challenges the sector will face are talent attraction to Luxembourg’s financial markets and regulatory requirements such as DORA, Pillar Two, and ESG compliance and reporting.

Interview with the Minister of Finance, Gilles Roth

Simply telling people how good Luxembourg is won’t cut it.

— Gilles Roth, Luxembourg's Minister of Finance

Read interview

Banking insights

Delve deep into the key trends, challenges and opportunities shaping the banking sector in Luxembourg.

Evolution of the Luxembourg banking industry

How have the changes of 2023 affected the banking industry? KPMG’s annual banking market analysis based on statistical and annual accounts data tells all.

How international are Luxembourg banks?

Our overview of the banking market shows just how international Luxembourg’s banking industry truly is.

Banking performance indicators

Benchmark your bank by deep-diving into balance sheet and P&L components together with performance indicators segmented by bank type.

Interactive bank rankings 31 December 2023Expand Close

Get the most from our banking insights report by filtering the data by factors that interest you.

Overview
Total assets
Amount owed to customers
Equity
Net interest income
Net fee and commission income
Profit for the financial year
Staff

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Overview (rank by category)
Bank	Total assets	Amounts owed to customers	Net interest income	Net fee and commission income	Profit for the financial year	Equity	Staff
Advanzia Bank S.A.	27	25	8	24	10	28	28
Agricultural Bank of China (Luxembourg) S.A.	69	60	66	58	60	69	48
Andbank Luxembourg S.A.	61	51	54	61	52	64	54
Banco Bradesco Europa S.A.	47	44	30	47	39	34	47
Bank GPB International S.A.	42	37	27	54	51	33	38
Bank Julius Baer Europe S.A.	31	22	25	17	24	40	17
Bank of China (Europe) S.A.	17	16	15	35	20	20
Bank of Communications (Luxembourg) S.A.	50	56	45	62	49	39	44
Bankinter Luxembourg S.A.	53	45	52	44	43	57	54
Banque de Luxembourg S.A.	12	7	12	12	14	17	7

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Total assets (€ million)
Bank	2023	2022	% change
Advanzia Bank S.A.	4155.61	3248.45	27.93%
Agricultural Bank of China (Luxembourg) S.A.	61.27	50.62	21.06%
Andbank Luxembourg S.A.	465.21	540.89	-13.99%
Banco Bradesco Europa S.A.	1309.22	2099.60	-37.64%
Bank GPB International S.A.	1949.12	4634.11	-57.94%
Bank Julius Baer Europe S.A.	3623.27	4085.83	-11.32%
Bank of China (Europe) S.A.	9280.74	8622.95	7.63%
Bank of Communications (Luxembourg) S.A.	1014.79	992.81	2.21%
Bankinter Luxembourg S.A.	802.52	839.45	-4.40%
Banque de Luxembourg S.A.	14101.74	14632.70	-3.63%

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Amount owed to customers (€ million)
Bank	2023	2022	% change
Advanzia Bank S.A.	2711.10	2355.66	15.09%
Agricultural Bank of China (Luxembourg) S.A.	10.00	10.00	0.00%
Andbank Luxembourg S.A.	301.41	311.68	-3.30%
Banco Bradesco Europa S.A.	521.99	522.37	-0.07%
Bank GPB International S.A.	936.89	1213.29	-22.78%
Bank Julius Baer Europe S.A.	3177.39	3682.90	-13.73%
Bank of China (Europe) S.A.	3540.43	3336.25	6.12%
Bank of Communications (Luxembourg) S.A.	50.00	100.00	-50.00%
Bankinter Luxembourg S.A.	519.34	717.18	-27.59%
Banque de Luxembourg S.A.	11855.46	12673.63	-6.46%

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Equity (€ million)
Bank	2023	2022	% change
Advanzia Bank S.A.	475.18	343.69	38.26%
Agricultural Bank of China (Luxembourg) S.A.	23.33	22.83	2.20%
Andbank Luxembourg S.A.	50.05	46.15	8.44%
Banco Bradesco Europa S.A.	321.24	532.86	-39.71%
Bank GPB International S.A.	327.85	350.42	-6.44%
Bank Julius Baer Europe S.A.	265.10	230.46	15.03%
Bank of China (Europe) S.A.	621.77	547.97	13.47%
Bank of Communications (Luxembourg) S.A.	287.75	279.72	2.87%
Bankinter Luxembourg S.A.	83.91	70.10	19.71%
Banque de Luxembourg S.A.	810.12	799.99	1.27%

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Net interest income (€ million)
Bank	2023	2022	% change
Advanzia Bank S.A.	384.53	361.74	6.30%
Agricultural Bank of China (Luxembourg) S.A.	0.45	0.09	402.45%
Andbank Luxembourg S.A.	9.31	4.24	119.47%
Banco Bradesco Europa S.A.	40.84	29.34	39.16%
Bank GPB International S.A.	49.90	50.00	-0.20%
Bank Julius Baer Europe S.A.	61.50	27.41	124.38%
Bank of China (Europe) S.A.	138.87	87.90	57.99%
Bank of Communications (Luxembourg) S.A.	20.68	10.24	101.99%
Bankinter Luxembourg S.A.	10.42	7.98	30.58%
Banque de Luxembourg S.A.	193.12	100.67	91.84%

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Net fee and commission income (€ million)
Bank	2023	2022	% change
Advanzia Bank S.A.	50.94	41.67	22.25%
Agricultural Bank of China (Luxembourg) S.A.	5.61	7.53	-25.48%
Andbank Luxembourg S.A.	2.30	3.12	-26.07%
Banco Bradesco Europa S.A.	10	11.82	-16.86%
Bank GPB International S.A.	7.36	28.88	-74.50%
Bank Julius Baer Europe S.A.	83.40	81.85	1.88%
Bank of China (Europe) S.A.	24.40	14.03	73.89%
Bank of Communications (Luxembourg) S.A.	2.24	3.74	-40.24%
Bankinter Luxembourg S.A.	12.00	12.37	-2.99%
Banque de Luxembourg S.A.	135.81	137.71	-1.38%

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Profit for the financial year (€ million)
Bank	2023	2022	% change
Advanzia Bank S.A.	97.50	122.41	-20.35%
Agricultural Bank of China (Luxembourg) S.A.	0.50	0.64	-21.89%
Andbank Luxembourg S.A.	6.04	2.83	113.57%
Banco Bradesco Europa S.A.	16.51	21.11	-21.79%
Bank GPB International S.A.	6.14	61.43	-90.00%
Bank Julius Baer Europe S.A.	38.93	27.11	43.58%
Bank of China (Europe) S.A.	68.37	14.37	375.84%
Bank of Communications (Luxembourg) S.A.	7.77	-9.00	N/A
Bankinter Luxembourg S.A.	13.82	-4.44	N/A
Banque de Luxembourg S.A.	75.69	72.11	4.97%

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Staff (Total number)
Bank	2023	2022	% change
Advanzia Bank S.A.	192	188	2.13%
Agricultural Bank of China (Luxembourg) S.A.	54	52	3.85%
Andbank Luxembourg S.A.	38	37	2.70%
Banco Bradesco Europa S.A.	59	58	0.96%
Bank GPB International S.A.	109	108	0.93%
Bank Julius Baer Europe S.A.	372	361	3.05%
Bank of China (Europe) S.A.		227	N/A
Bank of Communications (Luxembourg) S.A.	69	72	-4.17%
Bankinter Luxembourg S.A.	38	39	-2.56%
Banque de Luxembourg S.A.	992	965	2.80%

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In case annual accounts were prepared on foreign currency basis, the ECB rate at year end was used to convert the figures into EUR

Meet our team

Stanislas Chambourdon

Partner, Growth and Strategy
KPMG Luxembourg

Email ›View profile ›

Benedikt Barz

Partner, Audit
KPMG Luxembourg

Email ›View profile ›

For queries, please contact:

Reem Olleik Gharib
Manager, Audit
KPMG Luxembourg

Email ›Tel.: +352 22 51 51 6126

Luxembourg banking insights 2024

Introduction

Key highlights

1. Net interest income

2. Decreasing bank numbers

3. Talent attraction

Interview with the Minister of Finance, Gilles Roth

Simply telling people how good Luxembourg is won’t cut it.

Banking insights

Evolution of the Luxembourg banking industry

How international are Luxembourg banks?

Banking performance indicators

Interactive bank rankings 31 December 2023Expand Close

Overview (rank by category)

Total assets (€ million)

Amount owed to customers (€ million)

Equity (€ million)

Net interest income (€ million)

Net fee and commission income (€ million)

Profit for the financial year (€ million)

Staff (Total number)

Stay informed

Meet our team

Stanislas Chambourdon

Benedikt Barz

For queries, please contact: